Agency
North Dakota allows 'designated agency' where:
AOne agent represents all parties in a transaction
BA broker designates different agents within the same brokerage to represent the buyer and seller separately, with each owed full fiduciary duties✓ Correct
COnly commercial transactions can have designated agents
DDesignated agents must be licensed as brokers
Explanation
Designated agency allows a broker to assign separate agents from the same brokerage to represent the buyer and seller, respectively. Each designated agent owes full fiduciary duties to their assigned client, solving the loyalty conflict that arises in dual agency.
Related North Dakota Agency Questions
- When a listing agent represents both the seller and buyer (dual agency), the agent:
- In North Dakota, a 'subagent' working with a buyer owes their primary fiduciary duty to:
- An agency relationship in North Dakota is most commonly created by:
- When a North Dakota buyer makes an offer through a seller's agent (not a buyer's agent), the seller's agent should:
- A North Dakota seller has instructed their agent not to disclose that the basement floods during heavy rain. The agent should:
- In North Dakota, which disclosure form informs prospective clients about available agency options?
- In North Dakota, what is required when a licensee represents both the buyer and seller in the same transaction?
- If a listing agent learns that the seller is willing to accept $10,000 less than the list price, the agent must:
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